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Form 1040EZ: What It Was, Replacement by Form 1040

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What Was Form 1040EZ: Income Tax Return for Single and Joint Filers With No Dependents?

IRS Form 1040EZ: Income Tax Return for Single and Joint Filers with No Dependents was the shortened version of the Internal Revenue Service (IRS) Form 1040. This form was for taxpayers with basic tax situations and offered a fast and easy way to file income taxes. 

The form was discontinued as of the 2018 tax year in favor of the redesigned Form 1040.

Key Takeaways

  • Form 1040EZ was a shortened version of Form 1040 for taxpayers with basic tax situations.
  • The form was discontinued as of the 2018 tax year and replaced with the redesigned Form 1040.
  • Form 1040EZ could only be used by people below age 65 with no dependents earning less than $100,000 per year.
  • 1040EZ was about one-fifth as long as the full 1040 form, with fewer deductions and tax credits.
  • Anyone who hasn’t filed taxes for 2017 or earlier can still use the 1040EZ form for that year.

Who Could File Form 1040EZ: Income Tax Return for Single and Joint Filers With No Dependents?

To use the form, a taxpayer had to have taxable income of less than $100,000, less than $1,500 of interest income, and claim no dependents. Other requirements for filing the Form 1040EZ included:

  • The taxpayer and their spouse, if married filing jointly, had to be under age 65 at the end of the relevant filing period.
  • They could not be blind as of the end of the relevant filing period.
  • The filer could take no deductions for student loan interest, educator expenses, tuition and fees, or itemized deductions.
  • If the filer received interest income, they could not have been required to file Schedule B, didn’t have amounts in boxes 11, 12, or 13 of Form 1099-INT or boxes 6 and 10 of Form 1099-OID, and didn’t earn any interest as a nominee.
  • Tax credits for retirement savings, health coverage, and education were not allowed.
  • The tax filer could not have received any advance earned income credit (EIC), although they would have been allowed to claim the EIC when filing Form 1040EZ.
  • The filer could not be a debtor in any Chapter 11 bankruptcy case that was filed after October 16, 2005.
  • The filer, their spouse, if married filing jointly, or any of their dependents for which they claimed the personal exemption didn’t receive any advance payments of the premium tax credit offered for health coverage plans sold on the Marketplace.

  • The filer doesn’t owe any household employee taxes on wages paid to household employees.

Anyone who hasn’t filed a tax return using Form 1040EZ for tax years 2017 and earlier can still do so by going to the IRS website.

For most individuals, the 1040EZ was the first tax form they ever completed. Consider a typical high-school student employed part-time. Provided they met the income qualifications, the 1040EZ will likely be the most straightforward and appropriate form to file. 

Form 1040EZ vs. Form 1040

Form 1040EZ had only a few credits or deductions available to taxpayers. Filers were able to include an earned income credit (EIC) and elect nontaxable combat pay.

For most tax years, Form 1040 had 80% more lines than form 1040EZ. One significant difference was that Form 1040 had fields to include information about dependents, while 1040EZ did not allow individuals to claim dependents. Similar to the standard form, the EZ version had sections to record wages, salaries and tips, and taxable interest under $1,500. The filer was also able to include unemployment compensation payments.

1982

The first year that Form 1040EZ was introduced.

Form 1040EZ allowed filers to claim income from wages, tips, salaries, taxable grants or scholarships, the Alaska Permanent Fund, and unemployment compensation. Form 1040, though, had at least 16 income categories.

Categories available on the standard form included dividend payments, retirement account distributions, and farm and rental income. Form 1040 also allowed the entry of Social Security benefits, alimony, and other forms of income. This form also had a long list of deductions, ranging from education costs to healthcare savings plan contributions.

Is the 1040EZ Tax Form Still In Use?

The 1040EZ tax form was eliminated in 2018, and replaced with the redesigned Form 1040.

Is There a Form 1040EZ for 2020?

No. The IRS no longer publishes Form 1040EZ, although it can still be used for tax years 2017 and earlier.

What Was the 1040EZ Tax Form Used for?

Form 1040EZ was used for taxpayers who fell into very basic income categories. For most years that 1040EZ was published, it could only be used by taxpayers below age 65, with no dependents and very little interest income. This form also had fewer tax credits and deductions than the full-length 1040 form, meaning that it was generally less appropriate for taxpayers with a higher income.

What Is the Difference Between IRS Forms 1040, 1040A and 1040EZ?

Form 1040A was a simplified tax form for taxpayers with an income below $100,000 who did not exercise any incentive stock options throughout the year. All three were eliminated in the 2018 tax year, and replaced with a redesigned Form 1040.

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Form 1040-A: U.S. Individual Tax Return Definition

Written by admin. Posted in #, Financial Terms Dictionary

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What Was Form 1040-A: U.S. Individual Tax Return?

Form 1040-A of the Internal Revenue Service (IRS) was a simplified version of Form 1040 used by U.S. taxpayers to file an annual income tax return. To have been eligible to use Form 1040-A, an individual needed to meet certain requirements such as not itemizing deductions, not owning a business, and having a taxable income of less than $100,000. Unofficially known as the “short form,” Form 1040-A was eliminated for the 2018 tax year in favor of the redesigned Form 1040 that debuted that year.

Key Takeaways

  • Form 1040-A was a simplified version of Form 1040 used for filing individual income tax. 
  • Filers using 1040-A were required to have less than $100,000 in taxable income and not have exercised any incentive stock options during the year.
  • The IRS eliminated Form 1040-A for the 2018 tax year in favor of the redesigned Form 1040.
  • Another variant of Form 1040 was Form 1040-EZ, which was even simpler than Form 1040-A and was also eliminated starting with the 2018 tax filing.

Who Had to File Form 1040-A: U.S. Individual Tax Return?

Most U.S. taxpayers use IRS Form 1040 to file their income tax returns. Form 1040 is a detailed form that offers taxpayers with complex investments, itemized deductions, multiple tax credits, and more than $100,000 in annual income more opportunities to lower their tax liability. Because additional paperwork is usually required with Form 1040, individuals with simpler tax situations previously had the option to use Form 1040-A instead.

Form 1040-A was a simplified version of Form 1040. The two-page form allowed taxpayers to report ordinary income, some deductions, and credits. Individuals who fell under any of the five status options—single, head of household, married filing separately, married filing jointly, or widowed—could file their tax returns using the 1040-A. Though Form 1040-A was available to taxpayers of any age and filing status, not everyone qualified to use this form.

Tax filers who used 1040-A must have earned less than $100,000 taxable income and not have exercised any incentive stock options (ISO) during the tax year. The income reported must have been earned as a wage, salary, tip, capital gain, dividend, interest income, unemployment compensation, pension, annuity, taxable Social Security and railroad retirement benefit, taxable scholarship or grant, and Alaska Permanent Fund dividend. Any other form of income, such as business income, needed to be reported on the more complex Form 1040.

How Did Form 1040-A Work?

Form 1040-A also gave taxpayers the opportunity to claim several tax deductions to reduce their taxable income. However, the only deductions they could claim included student loan interest, post-secondary tuition and fees, classroom expenses, and individual retirement account (IRA) contributions. Taxpayers using Form 1040-A could not claim itemized deductions. This limitation meant that if an individual qualified for other deductions from sources such as charitable donations or mortgage interest, and the total itemized deductible amount was more than the standard deductions, it would not have been advantageous for them to use 1040-A.

Form 1040-A also could be used to claim tax credits. Tax credits reduce the bottom line or total tax bill of a taxpayer. The credits that could be claimed using this form were the American Opportunity Tax Credit (AOTC), Earned Income Credit (EITC), child tax and additional child tax credit, child and dependent care credit, credits for the elderly or disabled, and retirement savings contribution credit.

Form 1040-A vs. Form 1040-EZ

Another variant of Form 1040 was Form 1040-EZ, which was even simpler and easier to fill out than Form 1040-A and was also eliminated starting with the 2018 tax filing. But with Form 1040-EZ, the individual had to file as either a single taxpayer or as married filing jointly; they could not claim deductions and could only claim the EIC.

Although Form 1040-A was slightly more complex than Form 1040-EZ, it was still relatively simple compared to 1040. Once their financial situation became complicated with dependents, special deductions, and credits—such as those associated with post-secondary education tuition—most taxpayers needed to switch from filing with the 1040-EZ to the 1040-A.

The redesigned Form 1040 that debuted with the 2018 tax year is designed to be much simpler to use than its predecessor. For this reason, the IRS eliminated both Form 1040-A and Form 1040-EZ.

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Form 1040: U.S. Individual Tax Return Definition, Types, and Use

Written by admin. Posted in #, Financial Terms Dictionary

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What Is Form 1040: U.S. Individual Tax Return?

Form 1040 is the standard Internal Revenue Service (IRS) form that individual taxpayers use to file their annual income tax returns. The form contains sections that require taxpayers to disclose their taxable income for the year to determine whether additional taxes are owed or whether the filer will receive a tax refund.

Key Takeaways

  • Form 1040 is what individual taxpayers use to file their taxes with the IRS.
  • The form determines if additional taxes are due or if the filer will receive a tax refund.
  • Taxpayers must include personal information on Form 1040, such as name, address, Social Security number, and the number of dependents.
  • A filer also needs to report wages, salary, taxable interest, capital gains, pensions, Social Security benefits, and other types of income.
  • Taxpayers may need to file supplemental tax 1040 forms depending on their situation.

Understanding Form 1040

Form 1040 needs to be filed with the IRS by April 15 in most years. Everyone who earns income over a certain threshold must file an income tax return with the IRS. Keep in mind that businesses have different forms to report their profits.

Form 1040 is available on the IRS website and has two pages that must be filled out. Form 1040 can be mailed in or e-filed. Tax filers are asked for their filing status along with their personal information, such as their name, address, Social Security number (some information on one’s spouse may also be needed), and the number of dependents. The form also asks about full-year health coverage and whether the taxpayer wishes to contribute $3 to presidential campaign funds.

Form 1040 (Page 1).

The 1040 income section asks the filer to report wages, salary, taxable interest, capital gains, pensions, Social Security benefits, and other types of income. The new tax legislation eliminated many deductions, including for unreimbursed employee expenses, tax-preparation fees, and moving for a job (except for military on active duty).

Form 1040 (Page 2).

The form uses what the IRS terms a building block approach and allows taxpayers to add only the schedules they need to their tax returns. Some individuals may need to file one or more of six new supplemental schedules with their 1040 in addition to long-standing schedules for items like business income or loss. This depends on whether they’re claiming tax credits or owe additional taxes. Many individual taxpayers, however, only need to file a 1040 and no schedules.

Types of Form 1040

Taxpayers in certain situations may need to file a different variant of the 1040 form instead of the standard version. Below are the options.

Form 1040-NR

A number of nonresident aliens or their representatives need to file this form, including:

  • Those who are engaged in trade or business in the United States
  • Representatives of a deceased person who would have had to file a Form 1040-NR
  • Those who represent an estate or trust that had to file a 1040-NR

Form 1040-NR replaced Form 1040NR-EZ.

The IRS also produces the 1040-SS and 1040-PR. The 1040-SS is for residents of American Samoa, the CNMI, Guam, Puerto Rico, or the U.S. Virgin Islands who have net self-employment income and do not have to file Form 1040 with the U.S. Form 1040-PR is the Spanish-language equivalent of Form 1040-SS.

Form 1040-ES

This form is used to determine and pay estimated quarterly taxes. The estimated tax applies to income that isn’t subject to withholding, which includes earnings from self-employment, interest, dividends, and rents. This may also include unemployment compensation, pension income, and the taxable portion of Social Security benefits.

Form 1040-V

This is a statement accompanying a taxpayer’s payment for any balance on the “Amount you owe” line of the 1040 or 1040-NR.

Form 1040-X

If a filer makes a mistake or forgets to include information on any 1040 form, Form 1040-X is used for making changes to previously filed 1040s.

Form 1040-SR

The IRS introduced a new 1040 form for seniors in 2019, Form 1040-SR. Changes include a larger font, no shading (shaded sections can be hard to read), and a standard deduction chart that includes the extra standard deduction for seniors. Seniors who fill out their taxes online won’t notice the difference, but those who do it on paper should benefit.

Standard Deductions on Form 1040

The 1040 income section asks taxpayers for their filing status. This filing determines the taxpayer’s standard deduction. The table below highlights the deductions for the 2022 and 2023 tax years. Keep in mind that you file 2022 taxes in 2023 and 2023 taxes in 2024.

Filing Status 2022  2023 
Single or Married Filing Separately $12,950  $13,850 
Married Filing Jointly or Qualifying Widow(er) $25,900  $27,700 
Head of Household $19,400  $20,000 

Sources: IRS Provides Tax Inflation Adjustments for Tax Year 2022 (IRS) and IRS Provides Tax Inflation Adjustments For Tax Year 2023 (IRS)

An additional deduction may be taken by those who are age 65 or older or blind. Just like the standard deduction, these figures are adjusted annually for inflation.

  • Single and not widowed: $1,750 (for 2022) and $1850 (for 2023)
  • Married filing jointly: $1,400 (2022) and $1,500 (2023) for each spouse who is 65 or older or blind

The standard deduction cannot be taken by an estate or trust, an individual who is filing a short return due to a change in accounting periods, an individual who was a nonresident alien part of the tax year, or a married individual whose spouse is filing separately and itemizing.

Additional Schedules

As noted above, Form 1040 uses a variety of additional schedules to help taxpayers report their tax obligations. The following schedules are used to compile financial information away from Form 1040 to later use Form 1040 as the primary source of reporting.

Schedule 1

Schedule 1 is used to report additional income or adjustments to income. This may include alimony, disposition proceeds from the sale of a business, educator expenses, health savings account (HSA) contributions, or unemployment compensation.

It’s important to note that:

  • Other Income from Schedule 1: This is reported on Line 8 of Form 1040
  • Adjustments to Income from Schedule 1: This is reported on Line 10 of Form 1040

Schedule 2

Schedule 2 is used to report additional taxes. One part of Schedule 2 reports alternative minimum tax and repayment of excess premium tax credits for insurance bought through health insurance marketplaces.

Another part of Schedule 2 is used to report self-employment taxes, Medicare taxes, taxes on individual retirement accounts (IRAs), household employment taxes, and other taxes. These two parts from Schedule 2 are reported on Line 17 and line 23 on Form 1040.

Schedule 3

Schedule 3 is used to report additional tax credits and payments. These credits include dependent care expense credits, residential energy credits, excess social security taxes previously remit, and excess Federal income taxes previously remit.

Nonrefundable credits from Schedule 3 are reported on Line 20 of Form 1040, while refundable credits from Schedule 3 are reported on Line 31 of Form 1040.

Schedule A (Itemized Deductions)

Schedule A is used to figure out a taxpayer’s itemized deduction. A taxpayer’s federal income liability is most often minimized when choosing the larger of their standard deduction or itemized deduction.

The itemized deduction calculation includes medical expenses, dental expenses, certain taxes, certain interest assessments, theft losses, and other expenses. Any input from Schedule A is entered into Line 12a on Form 1040.

Schedule B (Interest and Ordinary Dividends

Schedule B is used for taxpayers who received greater than $1,500 of taxable interest or ordinary dividends. It is also used to report interest from a seller-financed mortgage, accrued interest from a bond, interest or ordinary dividends as a nominee, and other similar types of interest. Input from Schedule B is entered into Line 2b and Line 3b on Form 1040.

Schedule C (Net Profit From Business)

Schedule C is used to report business income or loss. An activity qualifies as a business if the taxpayer is engaged in the activity for the primary purpose of producing income or profit. The activity is also considered a business as long as the taxpayer is involved in the activity with regularity and continuity. Profit from Schedule C is entered on Schedule 1, Line 3. It is also used on Schedule SE.

If your business was a sole proprietorship or qualified join venture and you meet other criteria, you can report your business operations using Schedule C-EZ, a simplified schedule compared to Schedule C.

Schedule D (Capital Gains and Losses)

Schedule D is used to report taxable income from the sale or exchange of a capital asset. This gain may have arisen from an exchange or an involuntary conversion. Schedule D is also used to report capital gain distributions not otherwise reported on Form 1040 as well as nonbusiness bad debts. Input from Schedule D is entered on Form 1040, Line 7.

Schedule E (Supplemental Income and Loss)

Schedule E is used to report various types of additional income or losses. This supplemental financial activity ranges from real estate rental income, royalties, partnerships, estates, trusts, and residual interests in real estate mortgage investment conduits. Supplemental income figures from Schedule E are reported on Form 1040 on Line 5.

Schedule EIC (Earned Income Credit)

Schedule EIC is quite different from other tax schedules. The earned income credit is calculated separately from this schedule. However, Schedule EIC is used to substantiate the qualification of your qualifying children by remitting to the IRS your child’s name, Social Security number, birth year, relationship to you, and residency status. Information from Schedule EIC is not directly input into Form 1040.

The Earned Income Credit is maximized if a taxpayer has at least three children. Therefore, Schedule EIC only asks for information on three children; additional forms for additional children beyond three is not required.

Other Schedules

Other notable supplementary schedules to Form 1040 include:

  • Schedule F is used to report profits or losses from farming operations
  • Schedule H is used to report household employment taxes if you paid cash wages to household employees and those wages were subject to various Federal taxes
  • Schedule J is used to report farming or fishing trade income by averaging taxable income over the previous three years
  • Schedule R is used to report a credit for the elderly or disabled
  • Schedule SE is used to report the tax due on net earnings from self-employment
  • Schedule 8812 is used to report potentially refundable credits for qualifying children (or other dependents)

Who Needs to File Form 1040

If a United States citizen wants to or needs to file a Federal income tax return, they need to file Form 1040 or a variation of Form 1040 mentioned above. There are three general conditions to consider regarding whether an individual needs to file.

First, the IRS requires individuals with certain levels of gross income to file taxes. This threshold varies based on the individual’s filing status and age. The table below lists the income limits for individuals under 65 years old. Keep in mind that older taxpayers tend to have higher thresholds, and the threshold changes if neither, one, or both individuals in a marriage are 65 or older.

2022 Gross Income Thresholds
 Filing Status Gross Income
Single $12,950
Married Filing Jointly $25,900
Married Filing Separately $5
Head of Household $19,400
Qualifying Widow(er) $25,900
Individuals with the gross income amounts below are required to file 2022 federal income taxes.

Source: Chart A – For Most People Who Must File (IRS)

Children and dependents may not be required to file if they can be claimed as a dependent. If the dependent’s unearned income is greater than $1,100, earned income was greater than $12,550, or gross income meets certain thresholds, the dependent must file their own Form 1040. These rules are slightly different for single dependents as opposed to dependents who are married.

Finally, there are some specific situations that require an individual to file Form 1040. Regardless of their income or dependency status, some of those situations include but are not limited to:

  • You owe additional special taxes such as alternative minimum tax
  • You receive HSA or other health account distributions
  • You had net earnings from self-employment of at least $400
  • You met the income threshold limits for wages earned from a church

What Is Form 1040 Used for?

Form 1040 is the primary tax form used by U.S. taxpayers to file their annual income tax returns. Taxpayers input their personal information and tax information onto the form, then submit the form to the IRS for review.

Is Form 1040 the Same As a W-2?

Form 1040 is different than a W-2. A W-2 is a wage and tax statement an employee receives from a company they worked for during the tax year. The information listed on the W-2 is used to fill out Form 1040.

Where Can I Find Form 1040?

Form 1040 is not a tax statement or form that gets distributed to taxpayers. Unlike a W-2 or 1099 statement that is mailed by an employer or party you’ve contracted with, Form 1040 is available for download on the IRS website. In addition, free IRS filing platforms such as Free File Fillable Forms will provide digital copies. Last, some public courthouses or Federal buildings in your community may offer paper copies available for pick-up.

What Is the Difference Between a 1040 and 1099?

Form 1040 and Form 1099 are different components to an individual’s tax return. There are many different types of Form 1099, but Form 1099 is most commonly given to independent contractors to remit tax information relating to payments they received during the tax year. This information is used to complete Form 1040, as the financial records listed on Form 1099 are input into Form 1040.

The Bottom Line

Form 1040 is the central part of tax filing for United States citizens. It is the tax form that all taxpayer financial statements eventually feed into and supporting tax schedules branch out of. Regardless of an individual’s filing status or income, taxpayers who file taxes will complete some version of Form 1040.

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SEC Form 10-Q: Definition, Deadlines for Filing, and Components

Written by admin. Posted in #, Financial Terms Dictionary

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10-Q and 10-K Filing Deadlines
 Company Category 10-Q Deadline 10-K Deadline
 Large Accelerated Filer ($700MM or more)  40 days 60 days
 Accelerated Filer ($75–$700MM)  40 days 75 days
 Non-accelerated Filer (less than $75MM)  45 days 90 days
Source: investor.gov

Failure to Meet Form 10-Q Filing Deadline

When a company fails to file a 10-Q by the filing deadline, it must use a non-timely (NT) filing. An NT filing must explain why the deadline has not been achieved, and it gives the company an additional five days to file. Companies are required to submit an NT 10-Q to request the extension and explain the delay.

As long as a company has a reasonable explanation, the SEC allows late filings within a specified time period. Common reasons why companies are not able to file on time include mergers and acquisitions (M&A), corporate litigation, an ongoing review by corporate auditors, or lingering effects from a bankruptcy.

A 10-Q filing is considered timely if it is filed within this extension. Failure to comply with this extended deadline results in consequences, including the potential loss of the SEC registration, removal from stock exchanges, and legal ramifications.

Components of SEC Form 10-Q

There are two parts to a 10-Q filing. The first part contains relevant financial information covering the period. This includes condensed financial statements, management discussion, and analysis on the financial condition of the entity, disclosures regarding market risk, and internal controls.

The second part contains all other pertinent information. This includes legal proceedings, unregistered sales of equity securities, the use of proceeds from the sale of unregistered sales of equity, and defaults upon senior securities. The company discloses any other information—including the use of exhibits—in this section.

Importance of SEC Form 10-Q

The 10-Q provides a window into the financial health of the company. Investors can use the form to get a sense of its quarterly earnings and other elements of its operations, and to compare them to previous quarters—thus tracking its performance.

Form 10-Q, and the requirement for filing it, was established by the Securities and Exchange Act of 1934. The aim was to promote transparency in public companies’ operations, by providing investors with the financial position of companies on an ongoing basis.

Some areas of interest to investors that are commonly visible in the 10-Q include changes to working capital and/or accounts receivables, factors affecting a company’s inventory, share buybacks, and even any legal risks that a company faces.

You can use a close competitor’s 10-Q to compare that to a company in which you are invested, or considering to invest in, to see how it’s performing. This will give you an idea of whether it’s a strong choice, where its weaknesses are, and how it could stand to improve.

Other Important SEC Filings

The 10-Q is one of many reports public companies are required to file with the SEC. Other important and mandated filings include:

Form 10-K: The 10-K must be filed once per year and includes the final quarter of the company’s performance (replacing a fourth-quarter 10-Q). This report serves as a summary of the year, often containing more detailed information than an annual report, and must be filed within 90 days of the end of a company’s fiscal year. The 10-K generally includes a summary of the company’s operations, management’s financial outlook, financial statements, and any legal or administrative issues involving the company.

Form 8-K: This report is filed if there are any changes or developments to a business that didn’t make the 10-Q or 10-K reports. This is considered an unscheduled document and may contain information such as press releases. If a company disposes of or acquires assets, has announcements of executive hiring or departures, or goes into receivership, this information is filed with an 8-K.

Annual report: A company’s annual report is filed every year, and contains a wealth of company news including—but not limited to—general information about the company, a letter to shareholders from the CEO, financial statements, and an auditors report. This report is submitted a few months after the end of a company’s fiscal year. The report is available through a company’s website or investor relations team, and can also be obtained from the SEC.

Form 10-Q FAQs

What Is a 10-Q Filing?

A 10-Q filing is a report that all public companies must submit to the Securities and Exchange Commission (SEC) after the end of each of their first three fiscal quarters (hence the “Q”). The filing is submitted by filling out a Form 10-Q.

What Is the Difference Between a 10-K and a 10-Q?

The main difference between Forms 10-K and 10-Q lies in the frequency and the amount of info they contain. Form 10-K is an annual report, filed at the end of a company’s fiscal year. Filed just once, it summarizes all the data for the year, including the fourth quarter. In contrast, Form 10-Q is filed three times a year, at the end of a company’s fiscal quarter. It details financial info for that quarter.

Also, Form 10-K is an audited report. Form 10-Q generally is not.

Are Public Companies Required to File Form 10-Q?

Yes, all U. S. public companies issuing common shares of stock that trade on exchanges are required to file Form 10-Q. The date by which they have to file varies on the number of shares, expressed in terms of dollar worth, they have outstanding.

Must Review Reports Accompany Financial Statements in a 10-Q?

10-Qs generally are not audited or accompanied by accountants’ reports. SEC regulations prohibit companies from making materially false or misleading statements, or omitting material information to make disclosures not misleading. The SEC staff reviews 10-Qs and may provide comments to a company where disclosures appear to be inconsistent with the disclosure requirements or deficient in explanation or clarity.

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